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SECOND QUARTER 2014 - INVESTMENT SECTOR STATISTICS

Investment Funds

The net asset value of total funds under management and administration has decreased in Sterling terms over the quarter ended 30 June 2014 by £2.9 billion (-1.1%) to £261.3 billion.For the year since 30 June 2013, total net asset values decreased by £24.7 billion (-8.6%).

Within these totals Guernsey domiciled open-ended funds decreased by £1.9 billion (-4.4%) over the quarter to £40.7 billion.This represents a decrease of £9 billion (-18.1%) over the year since 30 June 2013.

The closed-ended sector decreased over the quarter, by £0.8 billion (-0.5%) to £135.7 billion. This represents a decrease of £1.8 billion (-1.3%) over the year since 30 June 2013.

Non-Guernsey schemes, for which some aspect of management, administration or custody is carried out in the Bailiwick, decreased by £0.2 billion (-0.2%) over the quarter to £84.9 billion.Since 30 June 2013 the net asset value of this sector has decreased by £13.9 billion (-14.1%).

The gross asset value of Guernsey open-ended funds as at 30 June 2014 was £54.9 billion, implying an average gearing level of 34.8%.The gross asset value represents a decrease of £1.9 billion since 31 March 2014. In the closed-ended sector, the gearing level is lower, with gross asset values of £148.6 billion (March 2014: £148 billion) implying a gearing level of 9.5%.The gearing implicit in non-Guernsey open-ended collective investment schemes is approximately 9.1%, based on gross asset values of £92.6 billion (March 2014: £99.3 billion).

Gross Assets under Management means the gross assets of all managed accounts held by the licensee.This will include both discretionary and non-discretionary managed accounts but excludes execution only type business.

Turnover of Stockbroking Activities means the value of stockbroking activities undertaken by the licensee during the quarter and includes the total consideration, including commission, relating to these activities.

Number of accounts includes the number of clients with which the licensee has an agreement to provide investment business services within the scope of the licence issued under the Protection of Investors (Bailiwick of Guernsey) Law, 1987.This covers, but is not limited to, discretionary and non-discretionary accounts, advisory accounts, stockbroking accounts and portfolio management accounts.